The Federal Board of Revenue (FBR) has finalized preparations to begin auditing 100,000 Income Tax Returns starting from October 1, sources revealed on Monday.
According to FBR officials, the audit will primarily target members of the business community. Authorities warned that individuals concealing assets or filing misleading details in their Income Tax Returns will face strict action. Those paying lower taxes compared to previous years are also expected to undergo more intensive scrutiny.
Officials added that the exercise is aimed at improving tax compliance and ensuring transparency in the documentation of wealth. They emphasized that accurate filing of Income Tax Returns is vital to avoid penalties and possible legal consequences.
Earlier, the FBR removed the controversial “estimated market value” column from the tax return form for 2025. This decision followed directions from Prime Minister Shehbaz Sharif, who approved the recommendation of a high-level committee formed to review the matter.
The committee, chaired by Federal Law Minister Azam Nazeer Tarar, included the Finance Secretary, Petroleum Minister, Attorney General for Pakistan, and senior FBR officials. After reviewing the issue, it recommended eliminating the column, which required taxpayers to declare the fair market value of assets.
The government clarified that the column was intended only for data collection for the Economic Survey and had no impact on income assessment or tax liability. However, it was removed to simplify the filing process and facilitate taxpayers.
The FBR has urged all eligible citizens to file their Income Tax Returns before the September 30 deadline. Officials reiterated that the tax authority remains committed to making the system more transparent and user-friendly, while ensuring that tax evasion is dealt with firmly.
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